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europe. we have this area of low pressure. this frontal system giving some torrential rainfall. and improvement here but on the forward edge of this frontal system there is likely to be some snow extending down toward the alpine region. some shower weather for the u.k. and much of france, too. over eastern parts of europe seeing cloudy skies, outbreaks of rain. -14 degrees is expected in moscow. we have a fairly brisk, northwesterly wind making an impact all the way down towards sudan seeing temperatures below average at 29 degrees. as we move into central parts of africa, while the monsoon rains are pushing further, a decent amount of rain is being reported but generally you see the rainfall pushing away from the democratic republic of the," . -- of congo. >> the french president, president hollande, has addressed the parliament as it celebrates 50 years of independence. although he did not directly apologize, he did say he recognized the suffering experienced by algerians. u.n. secretary general ban ki- moon sees little hope for political dialogue and is worried about atrocit
of markets look a little bit like this. here is europe to begin with. only a few markets are open there today. among those closed include spain and germany. we're start with asia. shanghai composite is the outperformer. you saw up 1.6% there. here is a list of the markets closed across europe. germany, switzerland, germany and austria. for the bourses that are open, we can take a look at performance this morning and then we'll take a look over at the bond wall. the ftse 100 is down about .4%. ibex down .5%. not a clear picture. definitely mixed trade as people look to close out the year. the bond wall gives the sense for what kind of wall dominates. we're seeing bond yields move higher. investors are exiting the asset class today. italy around the 4.5% level. we've seen these predominant for several weeks and likely a quick check on forrus. the yen, an important one to keep an eye on, as well. dollar/yen firmer, continuing the patterns that we've seen over the last couple of trading sessions. for more on what to expect from markets today, we're joined by chris meyer, managing director and chi
. >> it certainly has been very wet for some of us and the southeastern part of europe. using a massive cloud spinning around, giving us the very heavy downpours. further north, generally fine and subtle but it does mean this time of year it is also incredibly cold. don't adjust your sets -- this is the snow blowing through. a blizzard. we are seeing very cold conditions across many parts of russia down through to the ukraine and poland as well. snow and ice is already on the ground and causing quite a few problems with the driving as well. for many of us in the eastern parts of europe, it will stay very cold but the system over the southeastern parts will be spinning around and also giving heavy showers across parts of libya down through egypt as well. for the western parts of northern africa, mostly fine and subtle. not a great deal of problems with the weather. to the east, some of the showers could turn out rather strong. but whether it can also be making its way further to the east, too. already plenty of heavy downpours -- and more heading through thursday. all of it pushing steadily to
china and europe and japan are having major problems of their own. that could affect the way they do business with us. joining us is to talk about, ed, good to see you. biggest problem some of these governments to stimulate their economies, die let's just print a bunch of money. that has catastrophic events with them and even with the united states that may tried traded with them. >> that seems to be just to print money. that is not how it works. when somebody prints money, it's devalues their currency which makes anything they want to export or anything that they are importing more expensive. that is why your food is more expensive because we imported a lot of that. that is why energy is more expensive because we import a lot of that. if every country is doing that, its race to the bottom how quickly they can devalue their currency. >> we trade with so many different nations. we trade with europe and certainly with china. look at our trade imbalance and you can figure that out. europe has only a handful of countries that are doing decently? >> there is about six. they are in the nor
a tightrope between her german voters who do not favor bailing out europe and the european union. best politician, angela. you got it? you can write that down. pat, put it in your column. worst politician. >> susan rice. she was fed these phony talking points by the cia. she went on a defensive. and president obama left her, john, twisting slowly, slowly in the wind. she's gone. >> she'll still be our u.n. ambassador, though, pat. i give worst politician to mitt romney who never quite came across as human. and he lost. in part, because of his personality. >> she is going to stand you up, ambassador? >> yes. >> herm an cain again because a man who runs for the presidency who didn't think that his personal life would ultimately blow up presidency. >> does he have a job? >> he does. i don't know that he has -- >> he is a great -- he has a great future in talk-radio, i am sure. >> clarence, something for us? >> yes. worst politician, clint eastwood, although he is a good actor. >> this is very domestic. i will though it out on a larger scale for you. does that help you any, pat? worst p
? it is africa. the route is from south america to africa, to europe. where is the new al qaeda organizations? where are they budding? where are they really being troublesome? witness benghazi, northern and western africa. that's where we fear al qaeda is taking root. what is the biggest fear? biggest fear is al qaeda northern africa and western after africa will become drug dealers. part of that cocaine movie in south america to europe getting the proceeds and thereby funding their terrorist activity. jump cut to this case involving these three men from maly. operating in maly and ghana. our d.n.a. informant contacts one of the local thugs who is said to have some association with al qaeda and says hey, guy, i have got a coke deal. i have got to get cocaine, tons of cocaine from south america here to maly and guana and south africa and up to europe. you al qaeda help me. you al qaeda will become part of my drug empire. >> operation. >> so what happens is the guy was not an actual drug dealer. he was a sting, a dia operator. the main contact point the guy thought to have some communication wi
the difference between the u.s. and europe has produced almost no innovation. we produce almost all of it. we pulled their growth rate up because of the success in the united states. >> eliot: jeff, i'll get to you in ten seconds. if taxes were 100%, people would theoretically sit at home. when we're talking about a rise from 35% to 39% -- >> they sit at home in europe. >> eliot:, here we have a database to say what has happened when we move them marginally from 35% to 39.6%. they were created when the rates were at 39.6%. i don't see the causation. >> i think your viewers have to be very aware of the nature of these academic studies. there have been leading economists who have looked at this inside and out. the congressional research service, i believe was asked by the republicans to take that down. they cannot find a correlation between higher tax rates and slower economic growth. just let me finish, okay? clinton raised the tax -- people like feldstein and barro to do the arithmetic will undermine economic growth, be pr
of detail. i tried hard. i knew a lot of people in ben gadhafiments city, officials here, and then in europe, and they relied on local sources. the -- and the whole issue of how the united states became motivated to get involved is interesting, and, again, i go back to the issue of intelligence and what people didn't know about libya and what assumptions people were making. you know, it seemed like washington, between the the white house and state department, everybody had an idea of what should be done, advocatings on both sides, a ready group of the individuals, the power, and given rise to those looking for an opportunity to implement a responsibility to protect scenario that would succeed so that's a whole, you know, that's a whole section, again, as to what -- how did we come to intervene, and why was that actually a good idea? the next question, of course, is the one that everybody's talking about now, which i'll leave teem for questions, which is where is libya headed next? you know, with regards to what happens this benghazi, i think one needs to take -- regardless of all of the chao
are toking up. studies like this one in europe show too much marijuana affects coordination and judgment. >> one of the first and most important thing inability or reduced ability to divide one's ability. >> it's less debilitating than alcohol. canadian study shows those driving within three hours of smoking pot are twice as likely to cause a crash. >> another affect that we see are those driving under marijuana reduced ability to perceive time and distance. >> how much is too much? >> i feel we are in unchartered territory. >> the limit is five nanograms per blood sample. impairment is equal to alcohol. >> heavy users though not impaired can test positive weeks after smoking. also what you smoke and how you smoke it affects people differently. even experts don't know how much pot causes impairment. >> to say that two hits or two dosals would get me 5 nangram, it is impossible to make that. >> the compound in pot is thc, and it's stored in fat. user could test positive weeks after smoking. bottom line this is going to be argued and litigated. in alcohol we started at is 1.5 and game down
. onion lots of people, officials here and in europe, it relied on local folk sources. -- and the whole issue of how the united states became motivated to get involved is interesting. you know, again, i go back to the issue of intelligence and what people did know about would be and what assumptions people are making. it seemed like washington, everybody had a different idea of what should be done, and there were advocates on both sides, are ready group of individuals who wanted to up look for an opportunity to implement irresponsible protect some area that would succeed. so that is the whole section. this section again as to the how we came to intervene and why that was actually good idea. the next question, of course, is the one everyone is talking about now on which will leave more for questions. where is libya headed next. you know, i think with regard to what happened in and gusty, it is still -- i think everyone needs to take, regardless of all the chaos that is happening, step back, go up several thousand feet and looked at this process over a much longer not the time. we are sti
see this has happened in europe. when you have this kind of brinksmanship over and over and over again, and you go back and forth, markets start to get very burden they've been very volatile. and i think businesses have been holding back on investments. you can see big capital spending by businesses in last four months has been way down, about 8%. there should be a boom going on right now. we have a construction market boom, we have an energy field that is booming. companies would be spend physician we could get over this cliff. >> schieffer: i'm hearing some liberal democrats will say let it go over the cliff. i mean, would they really do that? i mean, because what would happen, then you would have, i guess, the tax cuts would expire. but would they let these draconian cuts in, say, defense spending, where basically, the military wouldn't be able to buy gasoline for their vehicles and that kind of thing. >> i think it's a dangerous argument. now, i think the truth is if you go over the cliff for a couple weeks, no, that's not going to be a disaster to the economy if there's a deal in
of war. two decades ago, with all eyes on europe, the united states prematurely celebrated victory over communism and an end to the cold war but in 1989, the same year the berlin wall fell, tanks roll spood tiananmen square crushing in a bloody massacre the hopes of the chinese people. while communism was gone in europe it was revitalized in the world's largest nation. pyongyang's missile launch awakens us to a fact that communism still casts a long shadow over asia. the nuclear proliveuation threaten not only our allies in the pacific but our own people as well. in asia the cold war never ended an the united states and south korean forces stand guard together on this last frontier. attempts to engage pyongyang over the past four years have been met with repeated prove cage. the kidnapping of two american journalists, repeated missile launches, one more nuclear test, the sinking of a south korean naval vessel with the loss of 46 lives and the shelling of a south korean island. how much more should we endure before we say enough is enough? sweet talking pyongyang only seems to inspire fu
a smaller place. we supported the marshall plan that helped europe regain its strength. and pioneered the atm, so you can get cash when you want it. it's been our privilege to back ideas like these, and the leaders behind them. so why should our anniversary matter to you? because for 200 years, we've been helping people and their ideas move from ambition to achievement. and the next great idea could be yours. ♪ >>> so is president obama's labor relations board biased on behalf of big labor and their union bosses? that's the consensus of the new congressional report. joining us now is house oversight chairman, republican darrell issa of california. chairman issa, as always, welcome, sir. the headline story here is that the nlrb is bias in favor of unions and their bosses. that's not a shocking headline. but i just wanted to hear some of your key points. what's your most important point in your investigation? >> i think one of the most important discoveries was that there were inappropriate rule violations, what they call ex parte discussions that went on where you actually have the p
. europe is going to be in the doldrums for quite some time. asia is not charging forward and some of the emerging markets are not charging forward as quickly as they were maybe a few years ago. but i think what all of you recognize and many of you have told me is that everybody is looking to america, because they understand that if we're able to put forward a long-term agenda for growth and prosperity that is broad based here in the united states, that confidence will not just increase here in the united states, it will increase globe balance leave. globally and i think we can get the kind of cycle that all of us have been waiting for and want to see. what is holding us back right now ironically is a lot of stuff that is going on in this town. and i know that many of you have come down here to try to see, is there a way that we can breakthrough the logjam and go ahead and get things done? and i'm here to tell you that nobody wants to get this done more than me. i know that you've got even a lot of briefings, let me just try to describe where the situation is right now with respect
for joining us. >> across europe, demonstrators have taken to the streets of protests and nowhere more so than in spain. in keeping the peace, how far should the police be able to go? that is a question that has been raised after some people have been left severely injured. country,in's basque police officers train with a new weapon. they will use it at demonstrations when things turn violent. the weapons afire these, the rounded tip of which is made of a heart from. they can be fired accurately at a distance of up to 50 meetings. in this region, they will have a weapon which fires these rubber balls. the new weapons can be fired directly at the troubled maker but the rubber bullets are first fired at the ground. the idea is that they will bounce up towards their intended target. the police will stop using this weapon after a rubber ball hit a man back in april and he later died. more questions follow the case, this woman who is blind in one eye. she was hit at a demonstration in barcelona last month. >> i knew straight away that he was really serious. i knew that my i was missing. i really do
the u.s. becomes like greece. there a terrible economy with 26% unemployment, the highest in europe, and almost no job opportunities for young people frequently lead to riots in the streets. now here a leading democrat is suggesting cutting spending too quick -- too quickly is the real problem. >> the community is concerned about all of their as you teary too. there are many things you can do to reduce debt, but still have a a -- an aspect of the economy. >> some say europe's austerity is a drag on economic growth because it relies on taxation while failing to rein in the expansion of government. and that would seem to back up a republican theme in this fiscal cliff argument. >> if we raise taxes on the top two rates which is about a million small businesses who employ 25% of the workforce, it will cost us over 700,000 jobs and reduce economic growth and lower take home pay. that's a bad scenario. >> the lead negotiator on the republican side of the table facing mr. obama says raising taxes on upper income americans will not fix the huge problems this country is facing. >> even if t
people have to talk about the fact that essentially all these attacks in both the u.s. and europe are currently where guns are banned. >> we appreciate your perspective tonight. >> in the wake of friday's shooting in newtown, will the gun history face legal troubles like the tobacco companies did one time? mary thompson tackles that area. good evening, mary. >> good evening, joe. given the ongoing investigation into the rampage that killed 20 children and 6 adults, it's premature to say what legal action might be taken. when and if it is, it won't be an easy task. the 2005 protection of lawful commerce and arms acts pro secretaries manufacturerss are distributors and dealers from liability if others their probably. this makes it virtually impossible to seek damages from the gun history. another option is suing if the dealer was founding to negligent in selling the gun and if there are signs of negligence in the gunies design. you could argue that added safety features are needed. a feature like say an authorization technology in a would prevent someone from being used by someone o
are iran and eastern europe. in iran jimmy carter helped topple the shah of iran and then stood back and did not help the new rebel government to set it sell up as self governing group and the ayatollah came in and shoved aside the well meaning democrats and set up an islamist state. look at fall of the reagan wall, when that happened we sent in people to help. we sent in bookkeepers and political experts to show them how to run the political parties and say this is how free media works but just gave them the tools. so iran, the greatest threat to world peace today. and, eastern europe, america's greatest ally. >>neil: very interesting. thank you very much. i almost forgot k.t. was speaking, the world is going to end tomorrow. did nut worry. that is when the mayans say we should be ready to say goodbye. hold off on that mortgage payment. second, take a look at what a lot of survivallives are spending their money on instead. >> they have always predicted the end of the world. >> i have a good feeling about this, sweetheart. hi. i'm henry winkler. and i'm here to tell homeowners that a
borrowing like this or we will have the same problems that europe is having. that is one of the frustrating things. they are not theoretical. that's not a classroom exercise. you can look at europe and see what happens if we continue down this path very much longer. >> alex rid man bill clinton's budget director put the bulk of the spending problems on the promises to medicare medicaid and lesser extent social security. >> they will drive federal spending occupy faster nan our economy can grow. revenues won't keep up. we have a problem. if you don't have enough revenues to pay for the spending you have to borrow. on the track that we are on if we go on doing what is in the law over the next several decades, our public debt will rise fast you are than our economy will grow. when that happens you have real problem. you have to pay interest on that debt and creditors see that your debt is rising faster than your economy is growing so they charge more and more. it is a very bad situation. >> arthur brooks with the american enterprise institute finds sur rent debates about higher taxes misguided
from its oil exports. 9% of which are purchased by europe. president bashar al-asaad ruled for 12 years after assuming the presidency under questionable circumstances can argue. regime allies aloud him to take office at 32 years old. he was approved by a voter referendum of yes or no. martha: he rarely appears in public. january 11 he addressed a public rally in the capital city of damascus. after that march 27 he visited a former rebel stronghold to allegedly inspect the conditions there. his most recent appearance on june 3, he spoke before syria's parliament. we covered it here on fox. in that speech he denied reports his government massacred rebel fighters and civilians and he accused foreign terrorists of plotting to destroy his country. bill: . the government moving defense missiles to turkey. it will be defensive posture only. the western alliance is set to okay those weapons. the patriot missiles not expected to arrive in turkey until next month. martha: let's go to egypt which is also very volatile at the moment. the presidential palace is looking like an armed palace. they sta
because many companies, high-tech companies from america, from europe, have subsidiaries in china, selling to chinese industries and trading companies. north korea works that system very well to end up with those kinds of high-tech items from outside china. and so while i can't speak specifically on the missile program i certainly can on the nuclear and yes, indeed, north korea buys european high-tech equipment and likely u.s. equipment. so it's a problem. china has been made aware of the problem but they haven't done enough and, i think this missile launch could be a further step. again if it happens, it could be another step in building pressure on china to enforce the u.n. security council sanctions on north korea and in fact to team up with the rest of the world to try to apply stronger sanctions and more effective sanctions on north korea. jon: kim jong-un and his father indicated, they proved time and time again they were more interested in having ballistic missiles and that kind of technology than they were in seeing their people fed. are you convinced that there is a way to impose
in europe, greece was the problem child that spent too much, saved nothing and threatened to take down the euro. new leadership, pay cuts, higher taxes as their weary government begs for more cash. committing to save the euro. it lives on, but for how long? >> the deadliest month to date as the assad regime intensified its air power. >> how much longer can this man hold on to power? bashar al assad was under even more intense pressure to step down but his regime stepped up the fire power against the opposition, civilians caught in the crossfire, more than 40,000 people have died so far. >> reporter: this is yet another bread line. >> the opposition fights on, making more dramatic gains than ever and gaining pledges of support from the international community. number one, she fought back from the brink of death after being attacked on a school bus. the taliban shot malala yousafzai. she survived, wake up in a british hospital and, according to her father, immediately asked for her school books. the world was gripped, moved and inspired by the story of one determined young girl facing do
in missiles, -- winding machine. these things are used in missiles. europe has tightened up. they have been working actively in china to buy european- american-chinese goods. the government is not completed, but they're not doing enough. we're thinking that pressure needs to be brought on china. goods made in germany, sold by that company to the chinese company that thinks it will keep it in china, but in fact it is going to iran. all it a country of tr concern. we're thinking maybe it is time that china is called out on that. china needs to be pressured to stop a local in the system internationally that is being created to keep iran from outfitting its centrifuge program. that effort over time has had tremendous success. with more and more sanctions, it is been more successful. more purchases stopped, more interdiction's, more trouble for iran to make progress. >> in terms of u.s. non- proliferation programs, david is emphasizing some of the holes that exist, particularly in controls and lack of enforcement of existing sanctions legislation. what is your assessment of non- proliferation pr
this time on the southern coast of the mediterranean, it's very clear that europe will be vulnerable and indeed we will be worldwide, so it seems to me this is something that we should be involved in, but our friends in europe really have a lot at stake here, too. >> ambassador, we want to also ask you tonight about former vice-president dick cheney's latest remarks. now, last night he blasted president obama's foreign policy in the middle east. here's what he said in part. >> i think certainly in my conversations with many of those people, they no longer believe us. they no longer trust us. they no longer believe they can count on the united states of america to do what we did 20 years ago. our allies no longer trust us or have confidence in us and our adversaries no longer fear us. the president can make bold statement and bold talk as he did in the last couple of days but development in syria, but i don't think they care. > >> greta: ambassador, what do you think about the former vice-president's mark? >> sadly, i think he's on target. i don't think the administration has credibil
on our day every day. >> even by. >> we can't keep borrowing ore we'll be like europe. this is not a classroom exercise. look at wuper and see what happens if we continue down the path that. is a place we don't want to g. >> the budget director puts the bilk on medicare and medicaid and social security. >> they will drive federal spending up faster than our economy can grow . revenues will not keep up . so we have a problem. if you don't have enough revenues to pay for the spending, you have to borrow and on the track that we are on. if we go on doing who what is in the law over the next several decades. our public debt will rise faster than our economy can grow. when that maps, you have to pay interest on the debt and cretors can see your debt rising faster than your economy is growing and they charge more and more. it is a very bad situation. >> author brooks finds currentidates current debates misguided. >> it is simple as a family that does that. right now, you have a situation in which the government in its over speppeding ways tries to rationalize it by saying th
that whirlwind trip through europe. i was along with her on that. and it was quite a hectic scheduled. after that, the stomach bug, which others had, also, on the trip. overcame her, and she suffered this concussion. it's not clear when she's capitocoming back. >> margaret, even people in the billion don't know. even people at the top levels of that department are also getting their news from the statements, know very little about what she's doing, how she's doing. and what a twist for her. this amazing run, unquestioned praisefor four years, and all of a sudden this bad report, sort of weird absence, politico today reporting that chelsea clinton troops in take a higher role in the next months. she's been doing some charity work through the clinton foundation sandy recovery. > recovery. >> schieffer: what is she going to do? is she going to run for something, too? >> a lot of democrats hoped she would run fair congressional seat. we're told that's not the case. but she'll be out there sort of as the clinton face, as-- >> this lack of disclosure i think is trouble responsible i really do think the
, our former colleague, literally were wounded at about the same time in europe and were in the same hospital recovering from tremendously serious wounds. senator inouye, of course, later was awarded the congressional medal of honor for that. senator pryor was telling the story that when senator inouye was finally elected to congress he wrote senator dole a note and said, "i'm here. where are you?" because both of them, when they were recovering from their war wounds, had determined that one day they wanted to serve in the united states congress. inouye got here first. a few years ago senator inouye and senator ted stevens invited a number of us to go with them to china. it was quite an experience. senator stevens -- of course, another world war ii veteran -- had flown the first cargo play plane into what was then peking in 1974. and senator inouye was well-regarded in china for that service. and so the group of norse -- there must have been -- and so the group of norse -- ther of se must have been a dozen of us -- got together with the leaders of china. we were accorded every courte
in europe on the big 75% tax rate that the french wanted to pass for the rich. >> the breaking news that a french court said a 75% tax rate on individuals is unfair. so it has been rejected. the court court says unless you apply it to households it is not fair to single out individuals. that means 75% tax at this moment is not in effect. the french government and francois hollande says, it won't make any difference. we'll rewrite the law using new wording and we'll catch more people in the 75% tax rate net. heather: stuart varney, i know you have a lot of work to do today. it is a busy day financially. thank you. >> thank you. gregg: what will it mean if lawmakers fail to strike a deal? according to the tax policy center 90% of the americans would see a tax hike in 2013. 121 million people will be paying a whole lot more in payroll taxs. those are social security payroll taxs. families making between 40 and $65,000 a year will have to pay an extra two grand to the u.s. government. the more you make, boy, that number really accelerates. heather? heather: another devastating blow in t
headlines all over the world. conor powell begins with a financial crisis in europe. >> the eurozone continues with a huge financial hole. standard & poor's downgraded in nine countries in the union. financial ministers reaching an agreement on another greek bailout. a lot of trouble with debt ridden banks. europe demanding an end to stringent austerity measures that all this resulted in the eurozone going back into another recession. thirty-two people dead, including two americans off the coast of italy. when the cost of concorde a cruise ship runs aground >> more than 79 people killed and 8000 injured. a district court says that they would like to oust president hosni mubarak to life in prison. and mohammed morsi, of the muslim brotherhood party takes charge for it in november, he grants himself absolute power that brings thousands of protesters to the streets of cairo, egypt. three members of a russian all-female punk band stage a protest against vladimir putin are sent to jail for hooliganism. inciting worldwide protest and demand for the release. rupert murdoch launches into the
their capabilities so they can provide for their own security. in latin america, africa, europe, and elsewhere. the past decade of war has reinforced the less than that one of the most effective ways to address long-term security challenges is to help build the capabilities of our allies. we have seen its approach with our counterinsurgency campaigns in iraq and afghanistan and our counter-terrorism efforts in yemen and somalia. we are expanding our security force assistance to a wider range of partners, in order to address a broader range of security challenges. in the asia-pacific, the middle east, and europe, africa, and latin america 3 to implement this area of strategy, the services are retaining the security cooperation capabilities we have honed over a decade of war and making investments in regional expertise. for example, for the army's new regionally aligned for grade a g brigade structure, they are able to engage on a regionally aligned brigade structure, they are able to engage on a rotational basis. to cut through the bureacracy and red tape to provide assistance. i visited countr
with nutrients. and considered fine dining. and always have been in europe. >> always have been in europe. but the u.s. has been squeamish about those types of meat. >> not anymore. >> not anymore. >> but today, you have two dishes to start any meal. let's get started. the first one, is something with pomegranate. >> i want to start with chicories. they're bitter greens. most people have a beef or ham, a turkey. you want to have something that's going to be a little bitter that will cut that richness. so, we try to work with, you know, a little bit of bitter greens. this is your standard treviso. i'm going to cut that nice. really festive colors. really beautiful. >> and this is kosto franco. >> it likes -- >> i'm going to take out that core. watch out. i don't like to cut this green. i like to tear it. >> and you also have pomegranates. are these pistachios? >> these are pistachios. you have all these vibrant colors here. really simple. and now, pistachios are going to add a nut meat, fat protein to it. >> how do you get them out of the pomegranate? >> that is so hard. >> would you mind
deficit stripping our gdp. >> and right now europe is in a relatively deep recession. we're still above water. lou: you jumped all over the punch line because you talk about things not making sense. folks, this is not making sense. i'm delighted because people have wealth left in the equities market, the bond market. how long will that be the case if we go over the cliff? >> won't be the case for long if we have a recession followed by a typical bear market. lou: how long to get to recession -- >> we can get there pretty quick. in fact, some of the down downdrafts are starting to form. we saw those in the q3 gdp numbers were sinking into @%ntraction. lou: 2.7 -- >> employment reports gnar november and december, not surprised if gains in private sector payrolls are well over 100,000 new jobs. lou: that would not be good. baseline at least, i think, for passable is 125. what's your judgment? >> about the same, okay, that's a c-minus grade, get a "c" if we hit 150. lou: might say a "d" looks good. thank you for being here. more ahead taking that and politics of it all with the a-team next.
to be in great shape. >> we were on an airplane flying to europe, which we do every year, and we were up in a compartment just the two of us, and i woke up and it was just starting to get a little light. and i saw this figure with a shawl on and doing this mumbo jumbo, i thought maybe i had died. >> so then i said, when i tell the story, i say this is kind of man john mccain is. he things that heaven is populated by praying jews. what a guy. >> i had never known a person in my life that lives his religion to the degree that joe lieberman does. he's such a great contrast to people like me and lindsey because i've never seen him lose his temper. i've never seen him insult anyone, i've never seen him treat anyone but with the greatest courtesy. i cannot say that about lindsey or myself. >> your temper is legendary. >> very calm. >> very calm, level headed. >> absolutely. >> have you ever known him to not lose his temper? >> i just realized they do really -- >> 1973. >> they do a great service for me because i don't have to lose my temper, because they do it for me, they express it for me. y
the world. the u.s. is a heavy user of credit products. europe is a distant second. it gives you a backdrop of the credit a availability. this gives you some backdrop that the markets in the united states have come back to an extent if you look at the es.ious asset class not as many people buying cars. the market is functioning. most of the student loans are going under the government's balance sheet. different loan obligations -- this data is a little bit old. $50 billion and that market is rapidly returning. this is the slide that everybody talks about, the dramatic change in how mortgage credit is made in the united states over the past six years. securitization of volumes have $300 billion in the past six years. private credit is a huge volume. $700 billion put through the private label security system. $22 billion is overstating it. of all the slides i have, this is the most telling about where the credit is coming from. it's coming to fannie and freddie and fha. 90% of loans are effectively being guaranteed by the government. it is not just a u.s. phenomenon. europe does not use a gov
.4% increase. most other investors in asia and europe posting gains over optimism. checking in on our numbers. the futures do point to a higher opening that follows pretty good gains yesterday. as we get closer to the extended christmas holiday for the markets. the dow jones starts today at 13,350. all three were up yesterday. >>> time now 5:20. the design competition for sprucing up ford mason has a winner. question tails on how -- details on how a dutch design team plans to do that. >>> it may look like a movie scene but this was real. whether the bed sheet escape from a city jail was success. >>> you can wake up with ktvu every morning. get the top stories sent straight to your cell phone every weekday morning 6:00 a.m.. get your ktvu morning news wake up call by texting the word wakeup to 70123. >>> five, four, three, two, one and liftoff. >> that wasn't your imagination. it did lift off a little more than an hour ago. three men lifted off. american astronaut tom max and his russian and canadian crew mates were launched from the launch pad that was used in 1961 by the first human to orbit
of forces in europe, at sea and on land, it is not reasonable they could have responded. this was over in a matter of 20- 30 minutes with respect to special mission specifically. and we had no forces ready or tethered, if you will, to focus on the mission. to go there was no mention of the cia report despite their close to the pact and more personal than they had diplomats. did they share --- >> we cannot discuss classified organizations. >> thank you all very much. >> two committees are holding hearings today on the attack on the consulate in libya that killed four americans. the senate foreign relations committee. we will hear from william burns and others at 8:00 eastern. you can see that live on c- span2. he will go to the other side of the capital in the afternoon to testify before the house foreign affairs committee about the libya report. that is live on c-span3 at 1:00 eastern. in a few moments, today's headlines and your calls live on "washington journal." the house is in session at noon eastern to hear plan be addressing the so-called fiscal cliff. in about 45 minutes, we wil
. the fiscal cliff fallback plan fails. mr. president of europe. it's your turn to lead. >> the president and congress take action, tax rates will go up on every american taxpayer and devastating defense cuts will go into effect in ten days. how we get their god only knows. lou: chief economist joining us with perspectiveon what is next for the markets, the economy, and the country. ♪ lou: ten days until the fiscal clef. that's right. still countg. the market sell-off today on no solution and moody's chief economist and bedford of adviser and chairman ceo harvey eisen will join us inmoments to make all of this rational and understandable. first, and the "moneyline," investors expressed disappointment in the republican failure to pass plan be by selling stocks of around the world. certainly adding to the drama today, a day in which four kinds of options expire, and that is expected a quadruple preaching day, plunging on the open, fighting its way back, ending with a loss of 121 points. that sounds lousy, but it is better than it had been. the s&p down just over 13, nasdaq a little more t
cliff fallback plan fails. mr. president of europe. it's your turn o lead. >> the president and congress take action, tax rates will go up on every american taxpayer and devastating defense cuts will go into effect in ten days. how we et their god only knows. lou: chief economist joining us with perspectives on what is next forthe markets, the ♪ ♪ [ male announcer ] they are a glowing example of what it means to be the best. and at this special time of year, they shine even brighter. come to the winter event and get the mercedes-benz you've always wished for, now for an exceptional price. [ santa ] ho, ho, ho, ho! [ male announcer ] lease a 2013 glk350 for $399 a month at your local mercedes-benz dealer. can i still ship a gift in time r christmas? yeah, sure you can. great. where's your gift? uh... whew. [ male announcer ] break from the holiday stress. ship fedex express by december 22nd for christmas delivery. by december 22nd yep, there i am with flo hoo-hoo! watch it! [chuckles] anyhoo, 3 million people switched to me last year, saving an average of $475. [sigh] it feels good to
cliff fallback plan fails. mr. president of europe. it's your turn to lead. >> the president and congress take action, tax rates will go up on every american taxpayer and devastating defense cuts will go into effect in ten days. how we get their god only knows. lou: chief economist joining us with perspectives on what is next for the markets, the ♪ any tree on this lot is on m i'm the messenger, by the way. what's your name? joanne. with the hundreds that i save with progressive on my car insurance, this tree is on me. no way. way. this tree is on me. really?! yes. aah! let me just trim it up a little bit for you. [ buzzing ] thank you. saving's greetings. you guys are gonna get this tree right here? are you sure that's the one? il tie it to the roof for you. make savings a new holiday tradition. ♪ ♪ lou: ten days until the fiscal clef. that's right. still conting. the market sell-off today on no solution and moody's chief economist and bedford of adviser and chairman ceo harvey eisen will join us in moments to make all of this rational and understandable. first, and th
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